Landlords in Charleston often wonder whether they should hire a professional property management company or try to manage their homes on their own. Unless you have the time to devote to your rental property and you are familiar with all the laws and regulations involved in property management, we recommend you hire a professional. Property managers have the resources and knowledge to protect your property, keep valuable tenants in place, and get the most out of your investment.
Knowledge and Experience
Sometimes, you may get lucky. Maybe you have one property that you rent out and your tenants are reliable, responsible, and easy to manage. However, you could be losing money by pricing your property too low. If you are not familiar with the current rental market in your area affect your profit.
Another instance; those great tenants move out one day, leaving you faced with accurately pricing your home, marketing your home to new tenants, showing the home, screening tenant applications, and drafting a lease that protects your interests. All of this can quickly become overwhelming. These tasks are daily business for property managers, they know the market, stay up to date on landlord and tenant laws, and know how to keep your property occupied and in optimum condition.
Relationships and Reputation
Imagine you’re self managing your property, and the tenant calls in the middle of the night because the air conditioning has gone out in the middle of July – you’ll need to think and act quickly. Who will you call? Property managers maintain lists of reliable, certified vendors they work with on a regular basis. If you are unable to correct a maintenance issue like this right away you will leave your tenants unhappy. Additionally if not repair quickly you may be forced to reduce rent until it is resolved. Furthermore, unhappy tenants do not typically renew your lease, which means more lost rent. A professional management company will have relationships in place already with reputable companies, and the amount of work they provide to vendors and contractors will ensure you get more competitive prices and speedy service.
Many landlords think they will save money if they can avoid paying a management fee and take care of their property themselves. This is not always true. One bad tenant, for example, can cost you thousands of dollars in damage. A fair housing lawsuit can destroy you financially. Professional property managers help avoid liability issues and protect you from lawsuits. The experience and insight professional property managers provide contributes to your bottom line and ensures you earn a strong return on your investment.
If you’d like to talk more about how professional property management can save you time and money as well as contribute to your peace of mind, contact us at Oak Trust Properties.